Zayo Group to buy rival AboveNet

Privately held Zayo Group LLC agreed to buy rival AboveNet Inc, a provider of broadband connections to big companies and carriers, for about $2.2 billion to tap into the galloping demand for fast data services.

Privately held Zayo Group LLC agreed to buy rival AboveNet Inc, a provider of broadband connections to big companies and carriers, for about $2.2 billion to tap into the galloping demand for fast data services.

The $84 per-share offer represents a 13 percent premium to AboveNet's closing price on Friday on the New York Stock Exchange.